Mine supply has fallen in five of the last eight years, according to GFMS, the London-based consultancy.
Estimates range from 155, 244 tonnes, marginally less than the GFMS figure, to about 16 times that amount - 2.5 million tonnes.
Photographic demand for silver fell 12.6% to 57.8 million ounces, the lowest level since Thomson Reuters GFMS began compiling annual data more than two decades ago.
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Data for the report was independently compiled by the London-based metals consultancy Thomson Reuters GFMS. The survey has been published by the Silver Institute annually since 1990.
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The country, which is now the largest gold producer, remained largely self-sufficient in gold, with imports at a meager 31 metric tons in 2009, according to GFMS Ltd.
It reached a new quarterly record of 132 tonnes between Jan. and March 2010 (GFMS data, courtesy of the World Gold Council), equal to one-fifth of total world demand.
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Thomson Reuters GFMS forecasts 2, 813 for the current year.
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The statement from GFMS did not say whether the projected increase in gold jewelry demand will remain regionalized or whether the tough conditions in the US, EU and the Middle East will continue for 2011.
Industrial fabrication demand for silver is set to rise by 6% this year, according to consultant Thomson Reuters GFMS, led by accelerating economic activity in India and China, rising global auto sales and a steadying solar industry.
Neil Meader, research director at Thomson Reuters GFMS, said gold can benefit from intervention because investors may decide to leave a market that is being managed, rather than one which is allowed to trade according to market forces.
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